Gold falls on prospects of further rate hikes
Sep 01, 2022
Chicago [US],September 1: Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday as investors reacted to the prospects of further rate hikes.
The most active gold contract for December delivery fell 10.1 U.S. dollars, or 0.58 percent, to close at 1,726.2 dollars per ounce.
Gold dropped 3.1 percent in August.
In a speech to the Chamber of Commerce of Dayton, Ohio, Cleveland Fed President Loretta Mester said it is far too soon to say that inflation has peaked, and U.S. interest rates need to rise somewhat above 4 percent by early next year. She did not anticipate rate cuts in 2023.
Economic data released Wednesday are mixed. The latest Chicago Purchasing Managers' Index, or the Chicago Business Barometer, inched up to 52.2 in August from 52.1 in July, which is still in expansion territory.
The Automated Data Processing Inc. reported that U.S. private employment rose by 132,000 jobs in August after increasing 268,000 in July.
Silver for December delivery fell 40.5 cents, or 2.21 percent, to close at 17.882 dollars per ounce. Platinum for October delivery fell 5.1 dollars, or 0.61 percent, to close at 827 dollars per ounce.
Source: Xinhua
